The CDFI Fund recently announced $10.6 million in Bank Enterprise Award (BEA) prizes and $13.7 million in CDFI Program awards to CDBA members. But how are CDBA member banks using those funds to make a difference in their communities? Here are just a few examples.

Virginia Community Capital (CORE - $1.6M, HFFI - $1M)

Virginia Community Capital (VCC) is using their HFFI award to achieve the goals of Virginia Governor Terry McAuliffe’s Commonwealth Council on Bridging the Nutritional Divide. The council works to help solve childhood hunger in the state, promote Virginia’s agricultural economy and support local nutrition programs. VCC's HFFI funding will expand residents’ access to healthy foods by financing grocery stores in Virginia’s food deserts. It will also support the mission of VCC's Virginia Fresh Food Loan Fund (VFFLF), a $10 million loan fund for healthy food enterprises. VFFLF has helped several businesses expand food access across Virginia with small business consulting and lending.

Beneficial State Bank (CORE - $2M, BEA - $265,496) and Albina Community Bank (BEA - $239,117)

Beneficial State Bank's Financial Assistance grant will support its lending to underserved small businesses and consumer borrowers. "These CDFI funds permit Beneficial State to increase further its already strong commitment to social justice as embedded in its triple bottom line," said Co-CEO of Beneficial State Bank, Kat Taylor. The BEAs will help the two banks support increased lending in their underserved target markets. Cheryl Cebula, President and CEO of Albina Community Bank, celebrated the award. “As a bank that was founded to support our local neighborhoods, we continue to do everything we can to help inspire job creation and extend financial opportunity in the neighborhoods that need it the most.”

United Bank (BEA - $265,496)

United Bank's BEA will help the bank create products and services that positively impact consumers and small businesses in low and moderate income areas. United Bank’s current services include the Credit Advantage Small Dollar Loan program, its secured Visa credit card and its $12 million loan fund for small business financing. “We are honored that the Treasury Department would recognize our ongoing commitment to make a positive impact on our local communities, families and small business,” said United Bank President and CEO Robert Jones. “Today’s award affirms the importance of hometown banking and of our efforts to ‘do well by doing good.’”

Southern Bancorp (BEA - $265,496)

"This award will be used to further Southern’s mission of creating economic opportunity by increasing lending capacity in our communities, with a focus on providing much-needed financing to entrepreneurs who are growing their businesses and creating jobs,” said Darrin Williams, CEO of Southern Bancorp, Inc. “For three decades, Southern Bancorp has served some of rural America’s most economically distressed communities, not only because it is our mission, but because we believe that those communities – and the families living within them – matter... This award will provide additional resources to help entrepreneurs get off the ground, help existing businesses grow and help families build the net worth necessary to create generational financial strength.”